Wind turbine maker GE Renewable Energy makes heavy but narrowed loss in Q3 - Windpower Monthly
Wind turbine maker GE Renewable Energy makes heavy but narrowed loss in Q3 | Windpower Monthly
Wind turbine maker GE Renewable Energy makes heavy but narrowed loss in Q3
GE Renewable Energy recorded a heavy loss in the third quarter of the 2023, but its $317 million deficit was significantly lower than a year ago when it was hit by warranties tied to its onshore wind fleet. It also warned that ramping up production for its new, larger offshore wind turbines could reduce profitability in the future.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”